Who owns TPL (TPL)
Which tracked institutional funds hold TPL, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See TPL company fundamentals →
Ownership as of the 2026-Q1 13F filings. 13F is disclosed up to 45 days after quarter-end, so the most recent quarter fills in over the following weeks.
How the tape is positioned
The tracked-fund tape on TPL is one-sided between 2025-Q4 and 2026-Q1: 482 added or opened and 48 trimmed or exited — on balance accumulating.
A prompt to read the filings, not a verdict. 13F is a quarter-end snapshot disclosed up to 45 days late; a fund adds or exits for mandate, benchmark, and timing reasons that have nothing to do with a view on the stock. This is a starting question, not a signal to trade.
Conviction spread
TPL’s largest tracked holder by dollar value, HORIZON KINETICS ASSET MANAGEMENT LLC, sizes it at 51.5% of its own reported 13F book, while the median holder sizes it at 0.0% of theirs — a 51.4pp conviction gap — its largest holder concentrates the name more heavily than the typical one.
Book-share is each fund’s reported value in TPL divided by its whole reported 13F book, so it is comparable across funds of different sizes and is unaffected by stock splits. A higher share means a fund has committed more of its book to the name — a starting question about conviction, not a verdict or a signal to trade.
Institutional & insider positioning
Between 2025-Q4 and 2026-Q1, across 858 tracked filers holding TPL, 473 increased or opened the position and 317 reduced or closed it; over the same quarter, open-market insider Form 4s were net purchases.
This fuses two public signals for the same quarter — how tracked institutions changed their positions and whether insiders bought or sold in the open market. It describes what was filed; it is a starting question, not a verdict or a signal to trade.
New buyers & exits
Funds opening or closing a position in TPL between the 2025-Q4 and 2026-Q1 13F filings, and the largest changes among funds holding it in both. New buyers and exits are counted on fund presence (split-invariant); adds and trims are measured on reported value.
New buyers 63
- VANGUARD CAPITAL MANAGEMENT LLC$1.8B
- VANGUARD PORTFOLIO MANAGEMENT LLC$1.5B
- VANGUARD FIDUCIARY TRUST CO$159M
- Tidal Investments LLC$126M
- Champlain Investment Partners, LLC$120M
- Vanguard Global Advisers, LLC$60M
Full exits 22
- VANGUARD GROUP INC$2.2B
- Janney Montgomery Scott LLC$16M
- RENAISSANCE TECHNOLOGIES LLC$13M
- Crawford Fund Management, LLC$12M
- Massar Capital Management, LP$5M
- True North Advisors, LLC$3M
Largest adds
- HORIZON KINETICS ASSET MANAGEMENT LLC$1.8B
- STATE STREET CORP$766M
- BlackRock, Inc.$591M
- GEODE CAPITAL MANAGEMENT, LLC$269M
- MORGAN STANLEY$249M
- FIRST MANHATTAN CO. LLC.$213M
Largest trims
- AQR CAPITAL MANAGEMENT LLC$29M
- M&T Bank Corp$22M
- SUSQUEHANNA INTERNATIONAL GROUP, LLP$12M
- TIAA TRUST, NATIONAL ASSOCIATION$9M
- CITADEL ADVISORS LLC$8M
- BNP PARIBAS ASSET MANAGEMENT Holding S.A.$8M
Institutional holders
One row per tracked fund, largest reported value first. “% of value” is the fund’s share of this security’s tracked institutional value — not of shares outstanding. Rows marked stale are from an earlier filing than the security’s latest quarter — that fund is absent from the newest snapshot (position exited, or reported under a different name).
| Fund | Shares | Reported value | % of value | Quarter |
|---|---|---|---|---|
| HORIZON KINETICS ASSET MANAGEMENT LLC trimmed | 10,015,379 | $4.8B | 20.2% | 2026-Q1 |
| BlackRock, Inc. trimmed | 4,849,462 | $2.3B | 9.8% | 2026-Q1 |
| STATE STREET CORP added | 3,784,957 | $1.8B | 7.6% | 2026-Q1 |
| VANGUARD CAPITAL MANAGEMENT LLC new | 3,783,685 | $1.8B | 7.6% | 2026-Q1 |
| VANGUARD PORTFOLIO MANAGEMENT LLC new | 3,142,852 | $1.5B | 6.3% | 2026-Q1 |
| GEODE CAPITAL MANAGEMENT, LLC trimmed | 1,633,396 | $772M | 3.3% | 2026-Q1 |
| FIRST MANHATTAN CO. LLC. added | 1,062,769 | $504M | 2.1% | 2026-Q1 |
| SoftVest Advisors, LLC trimmed | 1,062,099 | $504M | 2.1% | 2026-Q1 |
| MORGAN STANLEY added | 964,476 | $458M | 1.9% | 2026-Q1 |
| Pacific Heights Asset Management LLC | 620,000 | $294M | 1.3% | 2026-Q1 |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC added | 613,374 | $291M | 1.2% | 2026-Q1 |
| Invesco Ltd. trimmed | 605,643 | $287M | 1.2% | 2026-Q1 |
| NORTHERN TRUST CORP trimmed | 544,883 | $259M | 1.1% | 2026-Q1 |
| UBS Group AG added | 473,607 | $225M | 1.0% | 2026-Q1 |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC added | 446,519 | $212M | 0.9% | 2026-Q1 |
| DIMENSIONAL FUND ADVISORS LP trimmed | 431,090 | $205M | 0.9% | 2026-Q1 |
| SCHWARTZ INVESTMENT COUNSEL INC trimmed | 410,926 | $195M | 0.8% | 2026-Q1 |
| Legal & General Group Plc added | 402,574 | $191M | 0.8% | 2026-Q1 |
| TD Asset Management Inc trimmed | 378,646 | $180M | 0.8% | 2026-Q1 |
| GOLDMAN SACHS GROUP INC added | 374,012 | $177M | 0.8% | 2026-Q1 |
| Bank of New York Mellon Corp added | 357,379 | $170M | 0.7% | 2026-Q1 |
| VANGUARD FIDUCIARY TRUST CO new | 334,573 | $159M | 0.7% | 2026-Q1 |
| Epoch Investment Partners, Inc. trimmed | 331,137 | $157M | 0.7% | 2026-Q1 |
| MAD RIVER INVESTORS trimmed | 285,120 | $135M | 0.6% | 2026-Q1 |
| Amundi added | 279,786 | $133M | 0.6% | 2026-Q1 |
| Douglass Winthrop Advisors, LLC trimmed | 268,886 | $128M | 0.5% | 2026-Q1 |
| York GP, Ltd. trimmed | 268,600 | $127M | 0.5% | 2026-Q1 |
| Tidal Investments LLC added | 266,310 | $126M | 0.5% | 2026-Q1 |
| BANK OF AMERICA CORP /DE/ added | 264,740 | $126M | 0.5% | 2026-Q1 |
| Champlain Investment Partners, LLC new | 252,962 | $120M | 0.5% | 2026-Q1 |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM trimmed | 237,252 | $113M | 0.5% | 2026-Q1 |
| DEUTSCHE BANK AG\ added | 202,510 | $96M | 0.4% | 2026-Q1 |
| PRICE T ROWE ASSOCIATES INC /MD/ added | 190,946 | $91M | 0.4% | 2026-Q1 |
| Focus Partners Wealth added | 188,893 | $90M | 0.4% | 2026-Q1 |
| JPMORGAN CHASE & CO added | 175,110 | $82M | 0.3% | 2026-Q1 |
| Swiss National Bank added | 171,973 | $82M | 0.3% | 2026-Q1 |
| Moors & Cabot, Inc. trimmed | 170,484 | $81M | 0.3% | 2026-Q1 |
| Nuveen, LLC added | 161,414 | $77M | 0.3% | 2026-Q1 |
| FIRST TRUST ADVISORS LP added | 155,810 | $74M | 0.3% | 2026-Q1 |
| EagleClaw Capital Managment, LLC added | 151,894 | $72M | 0.3% | 2026-Q1 |
| MSRH, LLC trimmed | 149,458 | $71M | 0.3% | 2026-Q1 |
| PNC FINANCIAL SERVICES GROUP, INC. trimmed | 146,982 | $70M | 0.3% | 2026-Q1 |
| WELLS FARGO & COMPANY/MN added | 137,565 | $65M | 0.3% | 2026-Q1 |
| Mitsubishi UFJ Asset Management Co., Ltd. added | 131,091 | $62M | 0.3% | 2026-Q1 |
| Vanguard Global Advisers, LLC new | 126,422 | $60M | 0.3% | 2026-Q1 |
| Sumitomo Mitsui Trust Group, Inc. trimmed | 124,402 | $59M | 0.3% | 2026-Q1 |
| ROYAL BANK OF CANADA added | 121,247 | $58M | 0.2% | 2026-Q1 |
| RHUMBLINE ADVISERS trimmed | 119,098 | $57M | 0.2% | 2026-Q1 |
| BNP PARIBAS FINANCIAL MARKETS added | 119,008 | $56M | 0.2% | 2026-Q1 |
| SEI INVESTMENTS CO added | 114,464 | $54M | 0.2% | 2026-Q1 |
| LAWSON KROEKER INVESTMENT MANAGEMENT INC/NE trimmed | 112,895 | $54M | 0.2% | 2026-Q1 |
| Hodges Capital Management Inc. added | 105,315 | $50M | 0.2% | 2026-Q1 |
| BARCLAYS PLC trimmed | 102,047 | $48M | 0.2% | 2026-Q1 |
| RAYMOND JAMES FINANCIAL INC trimmed | 101,957 | $48M | 0.2% | 2026-Q1 |
| California Public Employees Retirement System added | 101,608 | $48M | 0.2% | 2026-Q1 |
| HighTower Advisors, LLC added | 100,065 | $47M | 0.2% | 2026-Q1 |
| HSBC HOLDINGS PLC added | 99,373 | $47M | 0.2% | 2026-Q1 |
| Pacer Advisors, Inc. added | 96,189 | $46M | 0.2% | 2026-Q1 |
| DANSKE BANK A/S trimmed | 95,252 | $45M | 0.2% | 2026-Q1 |
| OSAIC HOLDINGS, INC. trimmed | 94,111 | $45M | 0.2% | 2026-Q1 |
| VANGUARD ASSET MANAGEMENT, Ltd new | 91,682 | $44M | 0.2% | 2026-Q1 |
| Blue Trust, Inc. added | 88,880 | $42M | 0.2% | 2026-Q1 |
| Lagoda Investment Management, L.P. trimmed | 86,225 | $41M | 0.2% | 2026-Q1 |
| CWA Asset Management Group, LLC new | 84,361 | $40M | 0.2% | 2026-Q1 |
| TOCQUEVILLE ASSET MANAGEMENT L.P. trimmed | 76,172 | $36M | 0.2% | 2026-Q1 |
| One Charles Private Wealth Services, LLC trimmed | 75,565 | $36M | 0.2% | 2026-Q1 |
| NEUBERGER BERMAN GROUP LLC added | 75,264 | $36M | 0.2% | 2026-Q1 |
| Annex Advisory Services, LLC added | 75,040 | $36M | 0.2% | 2026-Q1 |
| PRINCIPAL FINANCIAL GROUP INC added | 71,343 | $34M | 0.1% | 2026-Q1 |
| JANE STREET GROUP, LLC added | 69,083 | $33M | 0.1% | 2026-Q1 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP trimmed | 68,987 | $33M | 0.1% | 2026-Q1 |
| Advisory Services Network, LLC added | 68,374 | $32M | 0.1% | 2026-Q1 |
| AQR CAPITAL MANAGEMENT LLC trimmed | 64,860 | $31M | 0.1% | 2026-Q1 |
| RWA WEALTH PARTNERS, LLC trimmed | 64,638 | $31M | 0.1% | 2026-Q1 |
| LPL Financial LLC added | 61,527 | $29M | 0.1% | 2026-Q1 |
| First Dallas Securities Inc. trimmed | 59,555 | $28M | 0.1% | 2026-Q1 |
| FMR LLC added | 58,212 | $28M | 0.1% | 2026-Q1 |
| STATE OF WISCONSIN INVESTMENT BOARD trimmed | 57,411 | $27M | 0.1% | 2026-Q1 |
| US BANCORP \DE\ trimmed | 54,257 | $26M | 0.1% | 2026-Q1 |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM trimmed | 53,940 | $26M | 0.1% | 2026-Q1 |
| ASR Vermogensbeheer N.V. added | 52,584 | $25M | 0.1% | 2026-Q1 |
| AVIVA PLC added | 51,411 | $24M | 0.1% | 2026-Q1 |
| AMERICAN CENTURY COMPANIES INC added | 50,679 | $24M | 0.1% | 2026-Q1 |
| HOWLAND CAPITAL MANAGEMENT LLC added | 49,710 | $24M | 0.1% | 2026-Q1 |
| SAPIENT CAPITAL LLC added | 47,951 | $23M | 0.1% | 2026-Q1 |
| Aberdeen Group plc added | 47,950 | $23M | 0.1% | 2026-Q1 |
| Korea Investment CORP added | 47,832 | $23M | 0.1% | 2026-Q1 |
| Essex Financial Services, Inc. added | 47,828 | $23M | 0.1% | 2026-Q1 |
| FRANKLIN RESOURCES INC added | 47,781 | $23M | 0.1% | 2026-Q1 |
| CITIGROUP INC added | 47,505 | $23M | 0.1% | 2026-Q1 |
| SG Americas Securities, LLC added | 46,957 | $22M | 0.1% | 2026-Q1 |
| WELLINGTON MANAGEMENT GROUP LLP added | 45,806 | $22M | 0.1% | 2026-Q1 |
| BANK OF MONTREAL /CAN/ trimmed | 44,819 | $21M | 0.1% | 2026-Q1 |
| MGO ONE SEVEN LLC added | 44,545 | $21M | 0.1% | 2026-Q1 |
| COMMONWEALTH EQUITY SERVICES, LLC added | 44,121 | $21M | 0.1% | 2026-Q1 |
| Lido Advisors, LLC added | 44,013 | $21M | 0.1% | 2026-Q1 |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM added | 42,867 | $20M | 0.1% | 2026-Q1 |
| VANGUARD GROUP INC added | 7,531,247 | $2.2B | 9.2% | 2025-Q4 stale |
| TWINBEECH CAPITAL LP added | 31,093 | $33M | 0.1% | 2025-Q2 stale |
| CW Advisors, LLC added | 24,448 | $26M | 0.1% | 2025-Q2 stale |
Ownership over time
Tracked institutional holder count and total shares held by filing quarter (independent scales). The curated-era tail and any mid-ingest latest quarter are handled honestly — a partial quarter is not drawn as a collapse.
Reading this table
Funds hold the same stock for different reasons — an index fund “holds” almost everything, an active manager sizes a name to a mandate and a benchmark, and each fund entered at its own price and time. Because 13F is filed up to 45 days after quarter-end, every row is a backward-looking snapshot; a manager may have traded since. Share-class siblings (a company’s A and C shares) are rolled up to one line so a dual-class name is never double-counted. Compare like-for-like. A large holder is not an endorsement, and a fund exiting is not a warning — this is a starting question, not a verdict.
About 13F filings
A Form 13F is a quarterly disclosure that institutional investment managers with over $100 million in US-listed equities must file with the SEC. In plain English: it is a snapshot of the long stock positions a fund held at the end of a quarter. It covers long US-listed equities only — not short positions, options, cash, or private holdings — and the funds shown are the large sample we track, not the complete 13F universe.